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Tuesday, June 13, 2017

Today's Headlines

Tory Veterans Tell May to Lay Off the Hard Brexit. Former
U.K. Prime Minister John Major joined a growing chorus of voices
telling Theresa May she doesn’t have a mandate to pursue the hard Brexit
she was planning after a disastrous election left their Conservatives
scrambling to form a minority government with a Northern Irish party.
“The views of those who wish to stay in are going to have to be borne
in mind to a much greater extent after this election: a hard Brexit was
not endorsed by the electorate,” Major said on Tuesday in a BBC radio
interview. “We have to recognize that the election changed if not
everything, then a very great deal, and the government are going to have
to respond to that.”

Asian Wealth to Beat Europe's for First Time Amid Brexit Turmoil. Private
wealth in Western Europe is set to fall behind the Asia-Pacific region
for the first time this year, partly as a result of the political and
economic uncertainty unleashed by Brexit, according to the Boston
Consulting Group. Western Europe’s private-household wealth grew by 3.2
percent to $40.5 trillion last year, the smallest increase of any
region, while Asia-Pacific had a surge of 9.5 percent to $38.4 trillion,
the consulting firm said in a report Tuesday. Those totals are expected
to climb to $41.9 trillion and $42.3 trillion respectively by the end
of 2017, BCG said in an email.

Wall Street Says Bank Regulatory Plans Are Better Than Expected. The
U.S. Treasury Department’s banking regulatory proposals could be even
better for finance firms than they initially hoped. Late Monday, the
Trump administration laid out its highly anticipated plan for
overhauling bank rules, and Wall Street likes what it sees. The
proposals call for easing many of the regulations that were imposed on
the industry after the financial crisis, which bankers have frequently
complained about in the seven years since the passage of the Dodd-Frank
Act. Bank stocks have also been reacting positively to the news,
with the KBW Bank Index outperforming the broader markets today. Here’s a
look at what Wall Street as a whole is saying.

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